PANews reported on May 30 that according to Decrypt, Nansen claimed that an address holding 173,700 ETH belongs to Singapore's largest bank, DBS Bank. A spokesperson for DBS Bank responded: "There is no such data in DBS Bank's books."
“We have reliable information from multiple independent sources that DBS holds the private keys to this wallet and that these assets are likely part of its custody solution,” said Edward Wilson, an analyst at Nansen. “This could be similar to what we see with institutions, including crypto-native institutions such as exchanges like Binance or Coinbase that hold funds on behalf of their users, and non-crypto-native institutions that hold digital assets for their clients. The institution could be a custodian, responsible for managing the safety of the funds.”
When asked whether the wallet in question was the one the bank uses to hold funds for its crypto clients, a DBS spokesperson declined to comment.
